How To Qualify For A Bail Bond Without Property Collateral

If you've been arrested, your foremost concern will likely be getting back to work as soon as possible. It's not just about the money. You've worked hard to gain the trust and confidence of your employer, and you do not want to lose your place as a valued employee.  

Your hard work could help you secure an uncollateralized bail bond for immediate release from jail. If you're a gainfully employed, low-risk offender, you could be a candidate for a signature bond. 

What Is a Signature Bond? 

A reputable bondsman will provide you with a bail bond solution that is right for your current circumstances. He will consider your employment situation, credit rating, collateral, and past criminal offenses if any.  Based on this risk assessment, most individuals charged with a crime are offered a surety bond. Like a collateralized car loan, a surety bond is provided in exchange for collateral. 

Alternatively, if you score high on the risk assessment, you may be eligible for a signature bond. Also called a recognizance bond, a defendant is only required to provide his or her signature on a promissory note to secure the bond. You can walk out of your bail bond hearing without providing cash or property as security. 

Your only cash outlay will be the bail bond fee. The standard fee is 10 percent. The bail bondsman may provide a payment plan option to pay this fee.

How Do I Qualify for a Signature Bond?

Bondsmen offer signature bonds to low-risk offenders. The three major indicators on the risk assessment are the following:

Type of crime - Signature bonds are an option when the crime is a misdemeanor. For serious crimes, a surety bond is typically required. 

Credit history - Like any type of credit, a lender—the bondsman in this case—will extend more credit to an individual with a high credit score. A car buyer with a high credit score, for example, can buy a car without using the new vehicle as collateral. 

Employment - A defender who is currently employed and has a good employment record is a very low flight risk.

If you meet all these requirements but are a repeat offender, even a stellar credit rating may not help you secure a signature bond. Bail bonds are the only lending business for which having a loan history—even with a perfect repayment record—with your lender will work against you. This history means you're a repeat offender and a higher risk for a bail bond guarantor. 

To learn more, contact a bail bonds company.

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Talking About Loan Consolidation

Hi there, I’m Doug Runalo. I would like to welcome you to my site about loan consolidation. When I was first starting my career, I landed myself in hot water by taking out too many separate loans. Each of the loans required a different minimum payment to avoid going into default. I was using nearly all of my paychecks to keep the loans afloat. To establish a healthy payment plan, I chose to consolidate the loans and pay them off that way. I want to help others learn how to consolidate loans and keep them from going into collections. Please come by again soon to learn more.

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